First Symetra National Life Insurance Co. of New York said Wednesday that it had been named a preferred provider of term life insurance for Bank of New York, which has 341 retail branches and 700,000 customers in New York, New Jersey, and Connecticut.
First Symetra was an early leader among life insurance companies, introducing an online quote and application tool that lets bank platform representatives quote, apply for, and bind coverage in as little as 10 minutes for qualified applicants. The tool, called Symetra Express, offers immediate coverage under a temporary insurance agreement while the coverage is underwritten.
Until August, Symetra Financial had been known for 47 years as Safeco Life and Investments. The company was bought from Safeco Corp. by a group of investors led by Berkshire Hathaway Inc. and White Mountains Group Ltd. First Symetra National Life works in partnership with agents and advisers to sell annuities, life insurance, group employee benefits, and retirement plans in New York.
Term life insurance for customers in Connecticut and New Jersey is issued by Symetra Life Insurance Co. in Redmond, Wash., of which First Symetra National Life is a wholly owned subsidiary.
